First Trust Advisors LP Increases Stake in Spirit Airlines, Inc. (SAVE)
First Trust Advisors LP boosted its stake in Spirit Airlines, Inc. (NASDAQ:SAVE) by 37.7% during the second quarter, Holdings Channel reports. The institutional investor owned 548,414 shares of the transportation company’s stock after buying an additional 150,240 shares during the period. First Trust Advisors LP’s holdings in Spirit Airlines were worth $28,326,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of the company. James Investment Research Inc. purchased a new stake in shares of Spirit Airlines during the first quarter valued at about $137,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Spirit Airlines during the first quarter valued at about $346,000. Parkwood LLC raised its stake in shares of Spirit Airlines by 24.9% in the first quarter. Parkwood LLC now owns 6,675 shares of the transportation company’s stock valued at $354,000 after buying an additional 1,332 shares in the last quarter. New Jersey Better Educational Savings Trust purchased a new stake in shares of Spirit Airlines during the second quarter valued at about $362,000. Finally, Karp Capital Management Corp purchased a new stake in shares of Spirit Airlines during the first quarter valued at about $368,000. 98.47% of the stock is owned by institutional investors and hedge funds.
Spirit Airlines, Inc. (SAVE) opened at 37.87 on Wednesday. The stock has a market capitalization of $2.63 billion, a PE ratio of 10.98 and a beta of 0.57. The firm has a 50-day moving average price of $46.56 and a 200 day moving average price of $51.94. Spirit Airlines, Inc. has a 12 month low of $37.17 and a 12 month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. The business had revenue of $701.68 million for the quarter, compared to analyst estimates of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.11 earnings per share. Equities analysts anticipate that Spirit Airlines, Inc. will post $3.61 earnings per share for the current year.
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Several analysts have issued reports on the company. J P Morgan Chase & Co raised Spirit Airlines from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $56.00 to $45.00 in a research note on Tuesday, August 1st. Citigroup Inc. raised Spirit Airlines from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $65.00 to $52.00 in a research note on Friday, July 28th. TheStreet lowered Spirit Airlines from a “b-” rating to a “c+” rating in a research note on Monday, August 7th. Cowen and Company reissued a “market perform” rating and set a $45.00 price objective (down previously from $59.00) on shares of Spirit Airlines in a research note on Friday, July 28th. Finally, BidaskClub lowered Spirit Airlines from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Spirit Airlines presently has a consensus rating of “Buy” and an average price target of $53.54.
Spirit Airlines Company Profile
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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